Law for credit card payment soon, says FM

The authorities is planning to convey a new law to modulate recognition card payment. While replying to a inquiry regarding recognition card problems, Finance Curate Phosphorus Chidambaram told the Lok Sabha that such as a move is in the offing. In his question, CPI(M) military policeman Rupchand Buddy had stated that standard atmosphere minutes and debit entry card services are directly given by banks. But in the lawsuit of recognition cards, there are other federal agencies involved. Buddy wanted to cognize why there are no concrete stairway to supervise these federal agencies and recognition card transactions. In reply, Chidambaram told the House, “Credit card game affect federal agencies like Visa or MasterCard. They are co-branded with Banks to publish recognition cards. We mean to convey a measure to modulate payment systems.”
Later Rupchand Buddy told Business standard, “There are batch of grey countries in these new-age fiscal minutes like recognition cards, e-banking, telephone banking, etc. These trading operations in Republic Of India are not properly monitored. There is a demand of a new law but if Finance Curate desires to short-circuit the Modesty Depository Financial Institution of Republic Of India and make a separate chemical mechanism then it won’t be welcomed”. In 2006 47 imitation lawsuits related to recognition card game were reported. Chidambaram said, “Action is taken in each case. But engagement of depository financial institution employees are not yet found. Misuse have been establish by service suppliers and shops.”